Bitcoin Surges Above $97,000 Amid Cautious Market Sentiment

Bitcoin has gained over 4% in early May, surpassing $97,000, but is now experiencing a minor retracement. Analysts are evaluating the market's next moves.

Bitcoin Cools Off After Price Rally: Breather Or Bull Trap?

Analyst IT Tech noted Bitcoin's price movement from $93,600 to above $97,000 as a potential cooling phase.
The Bitcoin SuperTrend Indicator signaled a buy at $94,000 and a sell at $97,300, maintaining a bullish stance as long as prices stay above $94,000.
Long liquidation zones are identified between $95,200 - $96,000 and $93,600 - $94,000, acting as strong support levels.
Market sentiment remains cautiously bullish if the $96,000 support holds; otherwise, prices could drop to $94,000.
A breakout above $97,400 could push Bitcoin toward $98,500.

What’s Next For Bitcoin?

Current trading price of Bitcoin is $96,463, reflecting a 1.64% gain over the past week.
Trading volume decreased by 21.82%, valued at $26 billion.
Recent Bitcoin Spot ETF inflows indicate sustained bullish sentiment.
Potential for price predictions up to $150,000 continues among analysts.